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FreightWaves CEO Craig Fuller warned in late March that another trucking bloodbath was brewing with an analysis that continues to attract attention.

“The inflation that began in 2020, combined with soaring fuel prices linked to rising inflation and the Russian invasion of Ukraine, caused consumers to steer clear,” he warned.

FreightWaves analysts conducted channel and data checks which confirmed that spot rates and volume are falling rapidly.

Digging into the data, the publication noted that tender rejections are the best indicator of real-time supply/demand in the truckload industry. The carrier rejection rate dipped to 13.9% from 18.7% in early March, meaning trucking companies have fewer freight options to choose from.

Trucking stocks trading lower on Monday include Yellow Corporation (YELL -3.0%), TFI International (TFII -3.4%), American truck (NASDAQ: USAK -1.3%), US Xpress Enterprises (USX -3.3%), WFP transport services (NASDAQ: PTSI -2.5%), Pacte Logistics Group (NASDAQ: CVLG -1.9%) and Daseke (NASDAQ: DSKE -1.0%).

For the year, the largest declines amid the new macro reset are Yellow Corporation (YELL) -49%, ArcBest (ARCB) -37%, Saia (SAIA) -31%, US Xpress Enterprises (USX) -29 % and Knight-Swift Transportation Holdings (KNX) -22%. More than half of all truck inventories are down 20% year-to-date.

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